Budget Day Bloodbath: Market Crashes on STT Hike, What's Next?

• The stock market reacted negatively to the Union Budget, with Sensex falling 1546.84 points (1.88%) to 80,722.94 and Nifty dropping 495.20 points (1.96%) to 24,825.45.
• The crash was primarily due to the announcement of an increase in Securities Transaction Tax (STT) on derivatives (F&O) from 0.10% to 0.15%.
• Nifty's key support levels are 24,700–24,650, with resistance at 24,950–25,000; Bank Nifty support is 57,800–57,700, with resistance at 59,000–59,100.
• Most sectoral indices were in the red, with capital market, defense, and PSU bank shares declining over 5%.
• Technical indicators show negative signals, suggesting continued short-term volatility; investors are advised to be cautious.

Why It Matters: The market crashed on Budget day due to an STT hike, signaling short-term volatility and caution for investors.